CODE

PATRIOTS

Rachael CoonceRebecca McAllisterRebecca Riesinger

Sarah Krebs

Assisting individuals in personalizing a professional dress code

MISSION

Grow to be Seattle’s leading company in assisting business professionals to dress for success by providing consulting and

personal shopping services

VISION

• Strong understanding of industry standards for professional attire

• Personalized attention for each customer• Friendly staff• High ethical standards• Provides flexible business hours, including

weekends

SWOT-STRENGTHS

• Small start-up facility limits business capacity• A portion of limited funds devoted to start-up costs• High possibility of little to no profit as a start-up

company• Employees are new to CODE’s standards and

requirements so there may be some inconsistencies in dress code seminars among employees

SWOT-WEAKNESSES

• 73,997 registered firms in Seattle, WA provides ample opportunity for business

• Ability to control the majority market share as there is little competition

• Build new clientele via word-of-mouth and advertising• Of the 620,778 people in Seattle, WA 73.8% are between

the ages of 19 and 64• Set high market standards for new competition to live up to• There are currently very few dress code assistance

companies in place• Helps corporations achieve dress code uniformity across

local branches

SWOT-OPPORTUNITIES

• Economic slow down• Free dress code information in books and on the internet• With a growing population Seattle, WA will attract more

competitors• Large population may make it difficult for a small

business to survive• The newer business concept for the area makes getting

CODE’s name out there difficult• Consumers may not understand the need for CODE’s

services and deem them unnecessary

SWOT-THREATS

Market GrowthBeginning of the Market Growth Stage. Personal

shopping services are still growing and expanding into new markets.

Sales and profits will be high, but with only 12 competitors people are still relatively uninformed

with regard to this type of service.

PRODUCT LIFE CYCLE

1. Purple Store

2. GoFetch4U LLC Concierge

3. Plaza 305 Assn.

4. Fund for Personal Liberty

5. Cami Anna Lynn- Wardrobe Styling

6. Errands R Us

7. D and T Opm

8. Side Show Variety

9. Wardrobe Makeovers

10. Your Faithful Shopper

11. Sunset West Co-Op

12. Lulu Jax

CODE’s Share of the Market: 1/12 or 8%

COMPETITORS

Our Share of the Business Market Population:Business market population x Our share = 4,095,032 x 0.08 =

327,603

 

Our Share of the Recent Graduates Population:Recent graduates x Our share = 1,389,744 x 0.08 = 111,179

Our Share of the Seattle, WA and King County, WA Populations:

Expanding from Seattle to King County

Seattle pop. X Our share = 620,778 x 0.08 = 49,662

King County pop. X Our share = 1,969,722 x 0.08 = 133,578

49,662/133,578 = 0.37 x 100 = 37% increase in customer base by expanding from Seattle to all of King County

OBJECTIVES

Our Share of the Seattle Population Based on Gender:Male pop. x Our share = 310,394 x 0.08 = 24,832

Female pop. x Our share = 310,394 x 0.08 = 24,832

OBJECTIVES CONT.

The target market includes all individuals in the professional environment adhering to a formal

dress code within the Seattle, WA area.

TARGET MARKET

All Customers’ Needs:

-The need for professional attire in the workplace

Generic Market:

-Individuals who are in the workforce, within the city of Seattle.

Broad Product Market:

-Individuals who adhere to a professional dress code.

Homogenous Product-Markets:

-Recent graduates (ages 20-34)

-Older business professionals who need their wardrobe updated

-Time sensitive professionals (ages 35-50)

-Returning to the workforce (former stay-at-home mothers)

SEGMENTATION STRATEGY

Qualifying:

The homogeneous dimension in all submarkets is the need for dress code adhering clothes.

Determining:• Age• Specific needs• Income level• Family life cycle• Social status• Urban/Suburban

DIMENSIONS

Recent Graduates• Ages 20-34• Needs professional

dress assistance• Needs a professional

wardrobe• Medium income• Men/Women• Social status important• Urban

Older Business Professionals• Ages 35-65• In need of an updated

wardrobe• High income• Men/Women• Family life cycle established• Suburban

Time Sensitive Professionals• Ages 35-50• In need of professional

clothing• No time to spend

shopping• High income• Men/Women• Career-oriented• Urban

Returning to the workforce• Ages 30-45• In need of professional

clothing • In need of easy dress• Medium income• Mostly women• Family life cycle established• Suburban

OUR MARKET BASED ON SEGMENTATION

• Recognition and Problem Awareness• Information Search• Evaluation of Alternatives• Purchase Evaluation• Post-purchase Evaluation

DECISION MAKING PROCESS

The need our business will fill is the need for professional attire in the workplace.

RECOGNITION AND PROBLEM

AWARENESS

Extensive Problem Solving:Consumers will put a lot of time into deciding what sources to go through. The consumer is

satisfying an important need. This may also be the first time a customer has used this type of service.

INFORMATION SEARCH

Customer will evaluate whether to choose a book, personal shopping service, or maybe just go shopping themselves. Our personal shopping

service will provide knowledge about fashion and professional dress while also providing a

personalized service.

EVALUATION OF ALTERNATIVES

The customer then decides if we are the right solution to meet their needs.

PURCHASE EVALUATION

Customers will decide how they felt about our service and if they will use it again. If our service

meets their expectations, they may purchase again and recommend our service to friends.

POST-PURCHASE EVALUATION

• Product• Price• Place• Promotion

MARKETING MIX

Brand Positioning Statement:

Our personal shopping consultants are knowledgeable in the areas of fashion and professional dress. We offer high quality, personalized service at an affordable price.

PRODUCT

Product Attributes Physical Consequences

Psychological Consequences

Values

Personal Shopping Service

Specialize in business attire

Wardrobe follows professional dress code

Confident they are dressedappropriately

Dressing appropriately for their work environment

Personal attention for each customer

Getting their money’s worth

Fit-in in professional environment

Competitive pricing

Dress for success

Knowledgeable staff

MEANS END CHAIN

Regular store

Low Customer Service

CODE

High Customer Service

Internet

Books

PERCEPTUAL MAP

High Price

Low Price

Objectives: Sales Oriented• Keep our prices competitive with our market’s competitors • Increase market share from our current 8%

Discounts• Referral discount• First time customer discount• New grad discount, valid first six months after graduation

PRICE

• Centrally located downtown location that is convenient for customers

• Website advertising our services and location

• Direct channel with no middleman

PLACE

AIDA:• Attention

- Yellow pages-Internet-Seminars at businesses

• Interest-Use advertising to remind customer of our

service

PROMOTION

• Desire

-Give out discount coupons at seminars

-Information brochures showing before and after photos

• Action

-Promotion via yellow pages and internet

-Discounts for first time customers and recent grads

PROMOTION CONT.

“King County, Washington.” U.S. Department of Commerce. U.S. Census Bureau, 2012. Web. 30 Oct. 2012. http://quickfacts.census.gov/qfd/states/53/53033.html

 

“Pierce County, Washington.” U.S. Department of Commerce. U.S. Census Bureau, 2012. Web. 30 Oct. 2012. http://quickfacts.census.gov/qfd/states/53/53053. html

 

“Population: 2011 Data Book.” Office of Financial Management, 2012. Web. 29 Oct. 2012. http://www.ofm.wa.gov/databook/pdf/population.pdf

SOURCES

“Seattle (city), Washington.” U.S. Department of Commerce. U.S. Census Bureau,

2012. Web. 30 Oct. 2012http://quickfacts.census.gov/qfd/states/53/5363000.html

 

“Seattle Personal Shopping Service.” Seattle Yellow pages. Yellow Pages, 2012. Web.

15 Nov. 2012. http://www.yellowpages.com/seattle-wa/personal-shopping-

service?g=Seattle%2C+WA&q=Personal+Shopping+Service

 

“Snohomish County, Washington.” U.S. Department of Commerce. U.S. Census Bureau, 2012. Web.30 Oct. 2012. http://quickfacts.census.gov/qfd/states/53/53061.html

SOURCES

“Washington.” U.S. Department of Commerce. U.S. Census Bureau, 2012. Web. 29 Oct. 2012. http://quickfacts.census.gov/qfd/states/53000.html

 

SOURCES